<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-01-1996 <CASH> 11,664,600 <SECURITIES> 59,946,420 <RECEIVABLES> 586,634 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 72,319,958 <PP&E> 12,035,723 <DEPRECIATION> 4,491,013 <TOTAL-ASSETS> 79,869,846 <CURRENT-LIABILITIES> 3,103,289 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 13,739 <OTHER-SE> 76,507,135 <TOTAL-LIABILITY-AND-EQUITY> 79,869,846 <SALES> 0 <TOTAL-REVENUES> 786,140 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 6,096,399 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 5,187,955 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 5,187,955 <EPS-PRIMARY> (.41) <EPS-DILUTED> 0